Recently, the industry has begun to focus on a neglected contradiction: the severe imbalance between AI chip capacity and electricity supply.

The core issue is clear—the capacity of lithography machines determines the production speed of computing power cards, and this speed is increasing exponentially. However, the construction cycle of the US power infrastructure far lags behind. Power plants take years from planning to grid connection, while chips only take a few months from design to mass production.

This has led to an interesting phenomenon: the market valuation of tech giants is entirely based on the growth rate of computing power, but the actual electricity bottleneck is quietly emerging. The recent fluctuations in Nasdaq may be a sign that the market is beginning to reassess this fundamental contradiction.

The logic of American capital is simple and straightforward—continuously stacking computing power cards to meet AI training demands, but they overlook a basic fact: electricity is the most rigid constraint. When the Eastern power grid cannot handle the load of data centers in the Midwest, the cheapest electricity in North America is in Canada. Geopolitics has never been defeated by economic laws.

Next, we will see whether the US can significantly expand its electricity infrastructure in the short term or be forced to seek breakthroughs elsewhere. This balance point may be closer than anyone has anticipated.